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FINANCIAL NEWS
Dubai’s Tamweel posts USD7.5m profit in Q4
22 Jan 2013
(MENAFN) Dubai’s Islamic mortgage lender Tamweel reported an 11.3 percent decline in quarterly profit, according to Reuters calculations.
The company has made USD7.5 million net profit during the fourth quarter ended in December, down from USD8.44 million a year earlier.
Reuters calculated the profit figure based on previous financial statements.
The company said in a bourse filing that its full-year net profit dropped by 28.9 percent to USD19.7 million from USD27.74 million in 2011.
Tamweel blamed the lower yearly results to exceptional provisions relating to certain ongoing litigations for which the company made full provision while continuing to fight its rights.
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